Oil pares advance despite drop in US crude inventories
Oil pared its earlier gains on Wednesday despite the release of a report showing a drop in U.S. crude stockpiles last week.
The Energy Information Administration (EIA) report signaled a drop by 1.0 million barrels in U.S. crude inventories in the week ended April 14, following a 2.2 million-barrel decrease a week earlier.
U.S. crude stocks were down 4.5 million barrels last week, according to industry report released by the American Petroleum Institute (API) late Tuesday.
A report due on Friday by oilfield services company Baker Hughes will provide an update on the number of rigs drilling for oil in the United States.
Crude oil futures for June delivery resumed its plunge for a third straight session to $52.71 a barrel after hitting a high of $53.02.
Brent crude futures plunged to $54.77 a barrel, falling from a peak of